Chart gallery

31 January, 2024

Executive Summary

 

Gold demand (ex-OTC) dipped 5% from a strong 2022*

Gold demand (ex-OTC) dipped 5% from a strong 2022*

Annual gold demand by sector, tonnes

Gold demand (ex-OTC) dipped 5% from a strong 2022*
Annual gold demand by sector, tonnes
*Data as of 31 December 2023 Source: Metals Focus, World Gold Council

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data as of 31 December 2023

Outlook

 

Economic and geopolitical scenario expected to be investment-positive overall in 2024*

Economic and geopolitical scenario expected to be investment-positive overall in 2024* Expected change in annual gold demand and supply, tonnage, 2024 v 2023

Expected change in annual gold demand and supply, tonnage, 2024 v 2023

Economic and geopolitical scenario expected to be investment-positive overall in 2024* Expected change in annual gold demand and supply, tonnage, 2024 v 2023
Source: World Gold Council

Sources: World Gold Council; Disclaimer

* Data to 31 December 2023. Fabrication combines global jewellery and technology demand. Investment includes ETFs, bar and coin and OTC demand. Supply includes mine production and recycling. We have omitted hedging and assume it to be unchanged.

Jewellery

 

Jewellery demand firm in the face of record gold prices*

Jewellery demand firm in the face of record gold prices

Annual gold jewellery demand, tonnes

Jewellery demand firm in the face of record gold prices
*Data as of 31 December 2023 Source: Metals Focus, Refinitiv GFMS, World Gold Council

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data as of 31 December 2023

 

India and China traded the top spot in 2023*

Chart 4: India and China traded the top spot in 2023* Top five countries’ annual gold jewellery demand, tonnes

Top five countries’ annual gold jewellery demand, tonnes

Chart 4: India and China traded the top spot in 2023* Top five countries’ annual gold jewellery demand, tonnes
*Data as of 31 December 2023

Sources: Metals Focus, World Gold Council; Disclaimer

*Data as of 31 December 2023

Investment

 

Holdings of gold ETFs down 244t, led by Europe*

Holdings of gold ETFs down 244t, led by Europe

Annual change in gold-backed ETFs by region, tonnes

Holdings of gold ETFs down 244t, led by Europe
Source: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer

* Data as of 31 December 2023

 

Opposing West v East shifts in bar and coin investment*

Chart 6: Opposing West v East shifts in bar and coin investment*

Annual gold bar and coin demand by region, tonnes

Chart 6: Opposing West v East shifts in bar and coin investment*
annual gold bar and coin demand by region, tonnes
Data as of 31 December 2023 Source: Metals Focus, Refinitiv GFMS, World Gold Council

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data as of 31 December 2023

 

Germany dominated Europe’s steep decline*

Chart 7: Colossal central bank buying continued in 2023*

Top and bottom five y/y changes in bar and coin demand, tonnes 

Chart 7: Colossal central bank buying continued in 2023*
* Data as of 31 December 2023 Source: Metals Focus, Refinitiv GFMS, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

*Data as of 31 December 2023

Central Banks

 

Colossal central bank buying continued in 2023*

Chart 8: Colossal central bank buying continued in 2023

Annual and cumulative net gold demand from central banks, tonnes

Chart 8: Colossal central bank buying continued in 2023
Annual net gold purchases/sales by country, tonnes
Source: Metals Focus, Refinitiv GFMS, World Gold Council

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data as of 31 December 2023

 

Reported central bank buying was broad-based

Reported central bank buying was broad-based

Annual net gold purchases/sales by country, tonnes

Reported central bank buying was broad-based
Annual net gold purchases/sales by country, tonnes
*Data to 31 December 2023 where available. Source: IMF IFS, respective central banks, World Gold Council

Sources: IMF IFS, Respective central banks, World Gold Council; Disclaimer

*Data to 31 December 2023 where available.

Technology

 

Despite Q4 recovery, technology demand slipped below 300t*

Despite Q4 recovery, technology demand slipped below 300t*

Despite Q4 recovery, technology demand slipped below 300t*
Annual gold volumes used in technology by sector, tonnes
*Data as of 31 December 2023 Source: Metals Focus, Refinitiv GFMS, World Gold Counci

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data as of 31 December 2023

Supply

 

2023 mine production fell just short of the 2018 record*

2023 mine production fell just short of the 2018 record*

Annual gold mine production, tonnes

2023 mine production fell just short of the 2018 record*
Annual gold mine production, tonnes
Source: Metals Focus, Refinitiv GFMS, World Gold Council

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

* Data as of 31 December 2023

 

Record gold price lifted recycling volumes*

Record gold price lifted recycling volumes*

Annual gold recycling volumes, tonnes, and the annual average gold price

Record gold price lifted recycling volumes*
Annual gold recycling volumes, tonnes, and the annual average gold
*Data as of 31 December 2023 Source: Metals Focus, Refinitiv GFMS, World Gold Council

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data as of 31 December 2023

 

Regional variations in Q4’23 gold recycling*

Regional variations in Q4’23 gold recycling*

Changes in Q4’23 gold recycling volumes by region, tonnes

Regional variations in Q4’23 gold recycling*
Changes in Q4’23 gold recycling volumes by region, tonnes
*data as of 31 Dec 2023 Source: Metals Focus, Refinitiv GFMS, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

*Data as of 31 December 2023

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